There are many different applications for cryptocurrencies. One of their great positives is the ability for people to change their fiat currency into these crypto tokens to protect themselves against the likes of hyperinflation.
If the fiat currency of a given country is spiralling out of control and its buying power is constantly being decreased, then by exchanging it for cryptocurrency can help protect your wealth. Many countries over the years have had hyperinflation, such as Zimbabwe, Venezuela and Argentina.
There are now ongoing issues in Argentina with their peso fiat currency. Forecasts show that the peso’s hyperinflation in Argentina is going to increase by more than 40% before the end of 2018. As a result of this, the demand levels for bitcoin have been massively increasing. There had been sufficient demand for it that ATMs are being set up for cryptocurrencies in the country.
At the moment, there are two of these bitcoin ATMs found in the country, both of which are in Buenos Aires, the state capital.
The latest estimates, however, point towards as many as 30 of these being introduced before the year-end. These initial two machines were also only installed over the course of the past few weeks. The first one went online on the 18th of September and the second one was activated on the 3rd of October.
The company behind these ATMs is called Athena Bitcoin and they have another competitor that is planning on entering into the Argentina market, called the Odyssey Group.
The ATMs provided by the Odyssey Group will be more flexible than those offered by Athena. They will allow you to deposit or withdraw cash from the machines and even transfer funds between your various accounts.
They have plans to introduce more than 150 of their ATMs in the country in the near future.